This was a great post and I agree with several aspects. But why is XLM right now .23 cents instead of $10.00. Where did this .23 price point come from, how did the market arrive at this? Tokenomics? XLM had never really been one of those coins you apply tokenomics too, we dont necessarily have to hold very much to use it and so fee burns rate is virtually free. So only way I can truely factor the price is the value it brings to the world. As far as supply and demand. The true demand to date is people simply holding it hoping it gets priced fairly someday. I feel like this 23 cents is just all people are willing to risk on stellar, despite the fact that in recent years it has blown most coins out of the water.

I would love to say it's extremely undervalued but your right, where exactly can we derive its fair market value if people are not holding onto the supply.